AMERICAN EXPRESS AND ICBC LAUNCH FIRST AMERICAN EXPRESS-BRANDED CARD IN CHINA
BEIJING, December 8, 2004 -- American Express and the Industrial and Commercial Bank of China (ICBC) today announced the launch of the first American Express-branded card in China.
The ICBC American Express Cards, both standard and gold versions, are dual currency cards, denominated in both Reminbi and US dollar currencies. The new cards can be used both at ICBC’s merchants and the China Union Pay network of merchants throughout China, as well as American Express merchant locations in more than 200 countries and territories around the world.
Beginning today, Chinese residents in Beijing, Shanghai, Guangzhou and Shenzhen can apply for the cards. The cards will be available in other cities across China in the coming months.
“Today is a historic moment for American Express in China,” said Kenneth I. Chenault, Chairman and Chief Executive Officer of American Express Company. “The launch of the ICBC American Express Card marks an important milestone for American Express in China. Starting today, Chinese consumers can enjoy, and have access to American Express’ global network and the same high standard of service and privileges provided to American Express Cardmembers around the world.”
Jiang Jianqing, Chairman and President from ICBC said, “We are delighted to be the first financial organization in China to issue American Express-branded cards. The ICBC American Express Card fully leverages ICBC’s extensive card-issuing expertise and American Express’ global brand and network. Through this win-win partnership, we are bringing a host of value-added privileges to Chinese consumers to satisfy their growing, sophisticated needs.”
The launch of the ICBC American Express Card comes nine months after American Express and ICBC inked their partnership in March this year. The joint team has worked to create a distinctive card targeting the aspiring affluent and successful individuals in China who enjoy a higher standard of living and demand higher quality payment products that can support their lifestyle needs, both at home and abroad.
Market research indicates that with the rise of consumerism and increase in travel, Chinese consumers favor card products that are backed by reputable brands as they can provide them with the best support and premium value to meet their growing spending and travel needs.
“The ICBC American Express Card places great emphasis on worldwide service, travel privileges and lifestyle experiences,” said Mr. Jiang of ICBC. “Major local and global merchants have tailor-made exclusive offers to make this a compelling product unmatched in the market. This card will surely be welcomed by consumers in China.”
Examples of key benefits, also first-of-its kind in China, include: special golf course access, both at home and abroad; complimentary upgrades and companion air tickets from leading international airlines; exclusive travel and hotel offers; comprehensive emergency assistance within and outside of China, including an interpreter referral service and “travel vault” service, an online secured website to store important personal information (e.g. passport and credit card information) for easy retrieval; access to American Express Travel Service Offices around the world; year-end summary of charges; and compelling member-only merchant offers from the American Express Selects SM program in key destination cities in 24 countries around the world.
“The ICBC American Express Card combines the best of two leading financial services brands to deliver a payment solution like none other in China,” commented Mr. Chenault of American Express. “Our goal is to set a new standard for others in the industry. This is really much more than a payment tool; it is a lifestyle accessory for successful people in China,” he added.
The partnership leverages the strengths of American Express and ICBC. ICBC will be responsible for issuing the cards, extending credit, managing accounts and marketing and customer service support. American Express will bring to the partnership its technical, operational and marketing experience in managing a global card business, as well as access to millions of American Express merchants around the world. American Express will also offer ICBC American Express Cardmembers global service through its 1,700 Travel Service Offices and access to more than 550,000 ATMs around the world.
About ICBC
ICBC is the largest commercial bank in China. Consistently ranked in Fortune’s “Global 500”, ICBC has over 24,000 branch offices and is considered one of the world’s premier financial institutions. ICBC is the largest credit card issuer in China, with
more than 100 million ICBC cards in force, and maintains one of the largest merchant networks in the country.
About American Express
American Express Company is a diversified worldwide travel, financial and network services company, founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.
Since 1996, American Express has been aggressively pursuing a strategy of opening its merchant network and card product portfolio to third-party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the Company aims to gain even broader reach for its network worldwide. American Express has established 85 card-issuing partnership arrangements in 95 countries. The ICBC partnership is one of the largest network deals American Express has to date. ICBC is American Express’ 26th network partner in the Asia Pacific region, joining quality financial institutions such as DBS in Singapore, Maybank in Malaysia, Westpac in Australia, Credit Saison in Japan, and Samsung and Lotte in Korea.
